Toronto (pcJ News Briefs) – Northern Sphere Mining Corp. (CSE: NSM) proposes to raise up to $2,800,000 through a non-brokered private placement of up to 7,000,000 units at $0.40 per unit.
Eric Sprott, or his designated nominee, has agreed to participate in the offering.
Each unit will be comprised of one common share and one-half of one common share purchase warrant. Each whole warrant will be exercisable to acquire one common share for a period of two years following the date of closing at an exercise price of $0.60 per share, subject to accelerated expiry.
Proceeds will be used for the advancement of Arizona Silver — Buckeye Mine, including underground development/rehabilitation, bulk-sampling and drilling, establishing ore extents, continuity and grade, and for general corporate purposes and will engage Sprott Mining Inc., a company controlled by Eric Sprott, to provide technical assistance to the company.
photo credit: Northern Sphere Mining